AUB to sell entire 75.4% stake in Altius

AUB Group Ltd. has agreed to sell its total shareholding in Altius Group Holdings Pty. Ltd. to The Riverside Co. for cash proceeds of about A$57 million.

The transaction is expected to complete before the end of April. AUB had acquired additional equity from a minority shareholder to facilitate the sale process, which increased its total shareholding in Altius to 75.4% from 56.9%.

AUB intends to use the proceeds from the sale to reduce its corporate borrowings, which will provide additional balance sheet headroom for M&A and strategic investments.

The sale reflects AUB's strategy to shift its focus on core insurance broking and underwriting agencies businesses as it completes its exit from the health and rehabilitation services business.